Business Networks

A business network is a complex network of companies, working together to accomplish certain goals. Several descriptions of business networks stipulate different types of characteristics:

"A business network is far more than the business itself, it incorporates suppliers, customers, third-party developers, distributors, and others.

A business network is a type of business relationships which are developed to help business people connect with other managers and entrepreneurs to further each other's business interests by forming mutually beneficial business relationships.

From point of view of business activity the networking is a transactional method based on network theory that creates opportunities for exchange between professionals.

Many entrepreneurs have the same mindset and consider that the business network is a more effective method than the effort spent on advertising or public relations.

Indeed, this activity is inexpensive and relies more on a personal commitment than on money held by a company.

Many businesses use networking as a key factor in their marketing plan. It helps to develop a strong feeling of trust between those involved and play a big part in raising the profile of a company.

A business network is owned by the business enterprise, where the scope of the network is to support the informational and operational requirements of the business such as marketing, sales, accounting, and manufacturing departments.

The purpose of the business networks resembles the "B2B" system (Business to Business Trading), with the aim of finding strong synergies to organize exchanges of services and goods.

With globalization and progress achieved in the field of communication and the expansion of applications of information technology, all these facts have given birth to a new movement: the "Networking groups".

Indeed, Networking groups are very important for businesses and professionals. Specifically, they offer a lot of business opportunities, including referrals. Others, on the other hand, offer opportunities to identify new business opportunities. Some networking groups are specifically dedicated to commerce and industry promotion.

THE ADVANTAGES OF NETWORKING IN BUSINESS

In business , any type of networking is beneficial since it lets others know your business is there and ready to serve their needs.

Networking allows you to promote your business.

the following advantages proved by the extension of business contacts :

1- HUGE EXPOSURE

Making you business online through social networking websites gives you a huge number of prospective clients and customers.

2- INEXPENSIVE

Networking online is less expensive than any other type of advertising or marketing.

3- FIND PARTNERS

Networking is not always about getting the consumer .

Social networking online can help you get the partners you need as well.

4- WATCHING THE MARKET

Networking in business is a fantastic way to find out what other thinks before you invest time and money on promotion. It is an efficient way to matching the situation in your market : prices , product design , channels of distribution , and the competitiveness.

5- EXPERTISE

Business networking provides access to a pool of field-tested expertise. It creates a precious occasion to profit from the expertise and experience of other entrepreneurs.

6- RESOURCE

Business networking also gives your company access to a big list of vendors and suppliers.

A good network can usually orients you where to get the best products at the best prices.

7- LEADS AND REFERRALS

You can expect a fully-developed networking relationships to bring additional business.

8- INDUSTRY INFORMATION

Your business network can be a great source of industry -related information. It is possible to use your network as a pipeline of vital information.

9- CREDIBILITY

Improving your reputation and finding support are benefits of networking. If you are successful at networking , you might get a reputation for being a person , people want to make business relationships with him.

10- SELF-ESTEEM

Making new friends and socializing is an human nature. Developing new relationships leads to higher self-esteem and confidence.